The European Union is set to instruct the Swift financial network to delist seven banks including Russia’s VTB Bank, in the bloc’s latest move to put economic pressure on the Russian government, two diplomats involved in discussions said.
However, the EU is not including Russian bank Sberbank of Russia on the list of banks to be delisted at this point. Some countries, including the Baltic states, are pushing for the EU to come back in the coming days and delist more banks, the diplomats said but there is no agreement on that.
The formal decision is set to be taken Tuesday afternoon by EU ambassadors.
Among other banks which the EU will instruct Swift to delist are recently sanctioned Russian banks VEB RF , Bank Rossiya and Bank Otkritie.
The decision to delist some banks but not all represented an EU compromise. A number of countries, including Germany, have argued that it is important to make sure some banks remain on Swift to help Europe pay for energy imports from Russia and to allow some other vital transfers.
Tuesday’s list of seven banks to delist was agreed overnight in discussions between Washington and Brussels.
In addition to Sberbank
Russia’s Gazprombank won’t be delisted.
Swift’s Board will have to formally vote to approve on the decision.
Write to Laurence Norman at email@example.com